Investing.com - Brent oil sank to the lowest level since July 2004 on Monday, as ongoing jitters over a global supply glut drove down prices.
Internationally traded Brent futures were down 1.03% to $36.50 a barrel at 9.24 GMT. The global benchmark sank to a session low of $36.08 earlier, a level not seen in more than 11 years.
U.S. crude futures were down 0.85% at $35.76 a barrel after falling to a 7-year low of $34.29 on Friday.
Both benchmarks have lost at least 35% since the beginning of the year.
Oil futures have fallen sharply this month after the Organization of the Petroleum Exporting Countries failed to agree on output targets to reduce a glut of oversupply on global energy markets.
Oversupply issue will be exacerbated once Iran returns to the global oil market early next year after western-imposed sanctions are lifted.